The insurance discussion starts on page 6. It pertains to a recent investment and show why an insurance business that does not take out-sized risk and is in the hands of an excellent capital allocator can be a very good business to invest in.
Other than that, the letter is a bit of a non-event in terms of “new worthy” items. One serious drawback to Warren’s near monthly interviews in various media outlets now is that there is very little “new” to say in his letters that has not already been said. If we even go back to the Q&A from last years Annual Meeting there really wasn’t anything said there that wasn’t already said in other public appearances.
That being said, the letter is still probably the best “refresher course” out there for value investors on the proper mindset to take towards to craft. It is easy to get caught up in the investment of the moment and stray from what has worked for you. reading the letter put you back on the path. When fear gripped investors universally last year, Buffett was putting massive sums to work in various ways. It has paid off big for Berkshire shareholders to date. The letter also sets the bar for other CEO’s in terms of its candor….
Enjoy…